New Issue: GFL Environmental prices $250 million tap of 4% notes due 2028 at par

By Paul A. Harris

Portland, Ore., Sept. 21 – GFL Environmental, Inc. priced a $250 million add-on to its 4% senior notes due Aug. 1, 2028 at par with a 4% yield to maturity in a Tuesday drive-by, according to market sources.

The tap came at the rich end of the 99.5 to par price talk and rich to early price guidance of 99 to 99.5.

Joint bookrunner Barclays will bill and deliver. BMO, CIBC, Goldman Sachs, JPMorgan, NBC, RBC, Scotia, Stifel, TD and BCP were also bookrunners.

The Vaughan, Ont.-based diversified environmental services company plans to use the proceeds to repay debt under its revolver and for general corporate purposes, which may include future acquisitions.

Issuer:	GFL Environmental Inc.
Amount:	$250 million
Maturity:	Aug. 1, 2028
Securities:	Senior notes
Bookrunners:	Barclays (bill and deliver), BMO, CIBC, Goldman Sachs, JPMorgan, NBC, RBC, Scotia, Stifel, TD and BCP
Coupon:	4%
Price:	Par
Yield to maturity:	4%
Spread:	292 bps
First call:	Aug. 1, 2023 at 102
Trade date:	Sept. 21
Settlement date:	Sept. 24
Distribution:	Rule 144A and Regulation S for life
Price talk:	99.5 to par
Marketing:	Drive-by
Original issue:	$500 million priced in November 2020
Fungibility:	Add-on notes to become fungible with original notes

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